Apple Pay Cash is the company’s theoretical Venmo-killer, a service you can use to send and receive money via iMessage on your iPhone. Sounds great, but with so many peer-to-peer payment systems out there, do you actually need to sign up?

Most offer the same baseline security (for more on that, read this—though note that Venmo and Square do offer two-factor authentication now). Beyond that, here’s a comparison of the most popular payment platforms.

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Apply Pay Cash

Not to be confused with Apple Pay, which you use at stores to pay for goods and services, this is a peer-to-peer payment system you use with your iPhone that acts essentially as a bank account on your phone (similar to how Venmo holds money for you within the app).

Pros:

Easy to use if everyone has an iPhone.

More private than Venmo (you may not consider this a plus, but I do).

You can spend money on your Apple Pay Cash card the app store, or at retailers that accept Apple Pay.

Requires you to set up two-factor authentication on your iCloud account.

Zelle

Think of Zelle as your parents’ alternative to Venmo. It’s a peer-to-peer payment system that works with major banks such as Bank of America, Chase, Citi, and Wells Fargo, and the selling point is that transactions can occur within minutes, rather than days, if all of the participants’ banks offer the service.

Pros:

Faster than services like Venmo—the whole purpose of Zelle is that the money is available in your bank account automatically, even if transferred from another bank.

If your bank partners with Zelle, you can use your bank’s app to transfer money.

You only need someone’s email address or phone number to send them money.

There are no fees to send, request, or receive money.

Cons:

You can only cancel a payment if the recipient hasn’t enrolled with Zelle, otherwise it goes directly into their bank account.